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Leshi Internet Founder Pledges Stake to Cover Debts

Leshi Internet, 4/27/17

Jia Yueting, the founder of Leshi Internet Information and Technology (300104.SZ), will pledge nearly his entire stake in the Chinese online video content and smart device firm to cover debt obligations, according to Leshi Internet's Q1 2017 financial report announced today.

Jia holds a 25.67% stake in Leshi Internet. Of this stake, Jia has pledged 497 mln shares to cover debt obligations, amounting to 97.2% of his holdings. This is the largest percentage of shares that Jia has pledged since Leshi Internet completed a public listing in 2010.

Jia's older brother Jia Yuemin also holds 43.947 mln shares of Leshi Internet stock, of which more than 98% are pledged. In addition, 11.94 mln shares held by Leshi Internet affiliate Leshi Holdings are all completely pledged.

In addition, financial data shows that China Bridge Capital is no longer among Leshi Internet's top ten shareholders. As of the end of 2016, China Bridge Capital held 70.01 mln shares, but the Q1 2017 report shows that the tenth largest shareholder, Leshi Holdings (Beijing), owns 11.94 mln shares in Leshi Internet. This suggests that China Bridge Capital reduced its stake by over 58 mln shares in the last few months.

Keywords: debt financing Internet online video Jia Yueting 300104.SZ Leshi Internet Jia Yuemin China Bridge Capital Leshi Holdings Q1 2017 fiscal report

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